The dollar surged and Bitcoin hit a record high as traders bet on a victory for Donald Trump, with the former president securing key swing states necessary to take the White House. This boosted expectations for fresh tax cuts, tariffs, and rising inflation.
While polls had shown the race on a knife-edge, the Republican candidate appeared to be faring better than his Democratic opponent, Vice President Kamala Harris, as results rolled in.
Both candidates had secured expected wins in safe states, but indications that the business tycoon was edging ahead boosted the Trump Trade.
Read Also : I will be president – Donald Trump
Although many key swing states were still too close to call, Trump won Georgia and North Carolina, with others still undecided.
News that the former president’s party had taken control of the Senate further boosted prospects for sweeping tax cuts, additional tariffs, and deregulation—seen as favourable for the greenback.
The dollar jumped by 1.5 per cent to 154.33 yen, its highest since July. It also rose by more than one per cent against the euro and by more than three per cent against the Mexican peso.
Bitcoin surged nearly $6,000, hitting a record $75,330.88, surpassing its previous peak of $73,797.98 in March.
Trump has pledged to make the United States the “Bitcoin and cryptocurrency capital of the world” and to appoint tech billionaire Elon Musk to lead a wide-ranging audit of governmental waste.
The election coincides with the central bank’s latest policy decision, expected on Thursday, amid speculation it will cut interest rates by 25 basis points, following a 50-point reduction in September.
The dollar’s surge against the yen lifted stocks more than three per cent in Tokyo at one point, thanks to gains in exporters, while markets in Shanghai, Sydney, Singapore, Taipei, Mumbai, and Bangkok also rose.
Source : Punchng.com